Unlike owning a motorcycle that really only accommodates one or two people, owning a boat is an inclusive activity perfect for those who love pursuing adventure. Boating is a great way to spend time with family or friends, whether you’re tubing, fishing, cruising, swimming, rafting, or camping. Time spent on the water is a pleasurable experience that many will describe as priceless. But is it worth the investment? 

In this blog, we’ll uncover if owning a boat is a worthwhile investment and the ways to best protect it. 


Are Boats a Good Investment? 

Truthfully, the same question could be asked of any investment – whether it’s a car, a motorcycle, a cottage, or even a house! Of course, there are always considerations before making such a large investment – like the condition of the boat, the lifespan of its engine, the size of the boat, financial payments, maintenance, and upkeep – just to name a few. But ultimately, if the conditions are ideal and the deal is right, then owning a boat can spark joy for years to come. Nothing can beat a day spent on the water! 

Now, whether you’re already a boat owner, or are still looking to get one, let’s look at the ways you can best protect your investment.  Here are some of our most frequently asked questions about Boaters insurance. 


Boat Insurance – is it mandatory?  

Boat insurance is not mandatory insurance in Ontario, however, there are a few circumstances where it may become mandatory. When you’re looking to store your boat for the summer season or for the off-season, many marinas and boat storage facilities require you to have insurance. If you’re planning to finance the boat, the bank will require proof of insurance for the entire length of the loan, once the boat is paid off it is no longer mandatory (but it’s still a great idea!)  


What does boat Insurance Coverage include?  

Boat insurance coverage is similar to vehicle insurance in that the policy covers the physical boat as well as liability coverage. Depending on the type of policy you choose, your liability coverage will vary. Liability coverage assists in situations where your boat has damaged property or resulted in the injury of another boater and/or passenger. For larger boats, additional coverage can be added for things like boat haulers, sonar, GPS systems, and other types of equipment. If you’re looking for a specific item to be covered, it is best to speak to your insurance agent to determine the best type of policy to cover your boat and boating equipment. Here is a handy guide to different types of boats to determine which coverage suits your needs the best.    


What Kind of Boat Insurance does Cayuga Mutual provide? 

At Cayuga Mutual Insurance, we have two types of boat coverage:   

  1. Watercraft Insurance  
  1. Boat Owner’s Policy   

A Watercraft Floater (pun not intended!) can be added to existing residential coverage. Similar to adding an additional vehicle to an auto insurance policy, a floater can be added to your home policy to extend coverage to your boat. This type of policy is best used for small, personal boats – kayaks, paddleboats, and even some small fishing boats.   

A Boat Owner’s Policy provides coverage for larger boats such as deck boats, bowriders, catamarans, etc. These types of boats require additional insurance coverage due to their size and additional equipment needed such as motors, GPS systems, sonar equipment, etc. This type of coverage also includes separate liability coverage in the event that the boat damages property or causes injury to another boater and/or passenger.    


Are You Covered While Trailering Your Boat?   

When trailering your boat, you are covered by two different sets of policies. Your watercraft insurance policy will cover the physical damage to your boat while it is being trailered. As an example, if your watercraft is rear-ended while being trailered then your watercraft insurance provides the coverage. Your auto policy responds if your trailered watercraft side-swipes another motorist and causes damage to a third-party vehicle. 


Things to Remember  

When you’re going on a boat, either as a passenger or the operator, always remember to be prepared. Life jackets are mandatory for every person on the boat and there should always be emergency tools such as paddles, flares, a whistle, a fire extinguisher, and a first aid kit. If you can, keep a radio on board so you can signal for help if you ever need it. Check out this pre-departure checklist to ensure you all everything you need for a safe boating trip!  


If you’re looking for boat insurance or looking to learn more about it, contact one of our agents. Our agents are available to answer all of your questions and provide insight into the best insurance solution for you. 1-800-567-3381